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Artificial Intelligence: This is where the future in-demand job market lies

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Eaton Business School

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It is no longer news that Artificial Intelligence (AI) stands at the forefront of the recent unprecedented technological advancements in the world, reshaping industries and redefining job markets. AI and machine learning (ML) are the key drivers of the Industry 4.0 revolution. Career opportunities in Artificial Intelligence are growing rapidly, offering exciting prospects in fields such as machine learning, data science, and robotics.

The global artificial intelligence market was valued at USD 150.2 billion in 2023 and is expected to grow at a CAGR of 36.8% from 2023 to 2030. This blog post, therefore, aims to explore the vast potential that AI offers in the ever-evolving global job market.

Let us begin with the basics.

Table of Contents

What is Artificial Intelligence (AI)?

Going by Techopedia’s definition, AI is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. AI software learns just the way humans do. So we see that machine learning often gets interchangeably used with AI. Machine learning can be better described as a subset of AI. It is the process by which AI learns mimicking the way humans learn. And with all those additional inputs coming in, the machines are able to learn better and perform better than humans ever did.

This leads to AI causing a revolution in various industries. Reflecting this trend, the labor market is bound to display an increasing trend for AI skills. Are you thinking of practical applications of AI? Look around to find many – Uber drivers following maps which guide them on the best possible route or self-driving cars being tested by leading technology companies, Alexa listening to your questions and responding in ways smarter than you can imagine are all eminent examples.

Are you there yet? If not, remember there’s a lot of potential in an AI career. More and more industries the world over are going to be AI dependent in the coming days.

7 types of ai (artificial intelligence) you must know

Applications of AI

Artificial Intelligence (AI) is a transformative technology that has found applications across various industries, enhancing efficiency, decision-making processes, and user experiences. As technology continues to evolve, the potential applications of AI are expected to expand, further influencing how we live, work, and interact with the world.

Various technological advancements such as wearable technology, automated chatbots, facial recognition, surgical bots, etc are transforming the way industries operate. From healthcare and transportation to logistics and e-commerce, revolutionary AI technology is being implemented across multiple sectors.

Some of the common applications of AI are:

Automated chatbots
Facial recognition devices
Wearable devices
Robot-assisted surgery
Virtual assistants – Alexa & Siri
Self-driving cars
Product recommendations in Amazon

The top 7 artificial intelligence applications that stood out in 2023

Career opportunities in Artificial Intelligence (AI)

Are you curious about what the trending jobs in AI are and how much they can potentially pay after you acquire experience of a few months or more than 2 years?

The time has now come to take a deep dive into those job roles helping you explore more about the latest technological advancements from a business perspective.

The sudden growth of AI and ML applications across industries is fueling a surge in demand for AI and ML specialists.

AI professionals develop algorithms, automate processes, design chatbots, create image and speech recognition systems, and drive innovation in various sectors.

Here’s a graph that shows the percentage of AI requirements in the world’s 10 most in-demand jobs:

Machine Learning Engineer

ML engineers develop machine learning systems, algorithms, and models that enable computers to learn and make decisions based on data.

AI data analyst

AI data analysts are responsible for performing data cleaning, data mining, and data interpretation. They remove the useless data ensuring that the data interpretation process is not hampered. AI data analysts make use of statistical tools & methods to obtain insights from the data.

Intelligence specialist

An Intelligence Specialist or an Intelligence Analyst is a professional who gathers, analyses and interprets information to provide insights and support decision-making within various organisations.

AI researcher

AI researchers/scientists contribute to cutting-edge AI research, exploring new techniques, algorithms, and methodologies to advance the field.

Navigating the new frontier: Copyright laws in the AI era

Data scientist

Data scientists analyse large datasets to extract valuable insights, patterns, and trends, helping organisations make data-driven decisions. Data scientists make predictions based on current and past data patterns.

Currently, where are you likely to find AI professionals on the globe? Well, here they are:

If reports are to be believed then global spending on AI is projected to surge to more than $7 billion per year by 2022. You have probably heard a lot about how humans on jobs are going to be replaced by smart technologies. That does not mean that people are likely to lose their jobs and be in pursuit of one.

It simply means that organizations are going to be under pressure to look out for AI-trained people. The shortage of trained AI professionals does exist and is only going to increase in the coming years. So, it makes absolute sense for you to look at this emerging area, get adequate learning for what it takes, and launch yourself into a super career. Some of those jobs could be:

Machine learning researcher/ engineer
AI engineer
Data mining and analysis
Data scientist
Business Intelligence developer
AI research scientist

To make the stand clearer, let us look at the tangibles for some of the above-mentioned jobs:

Scope and Future of Artificial Intelligence (AI)

AI is going to power medicine, robotics, engineering, space, military activities, and marketing in a large way. And need I tell you about the organizations that are on the lookout for the smartest professionals with AI skills? Well, Amazon, Facebook, Uber, Intel, Samsung, IBM, Accenture, Google, Adobe, Microsoft, and others are only the leading ones. There are a host of others around you because they are naturally tuned in to the fact that as many as 31% of organizations around the world are likely to use AI in the current year.

Automation: Will robots replace human workforce in future?

So where do we start? Well, AI and analytics make a great team. Analytics, with the help of relevant data, is designed to analyse the ever-increasing amount of data that organisations have access to. More and more organisations are realising the importance of analytics in their organisations to achieve competitive advantage and effectiveness.

Organisations are increasingly using a powerful combination of AI and analytics to improve their business operations and achieve their objectives more effectively. This partnership enables data to be processed more quickly and insights to be extracted in real time, making it easier to make informed decisions.

Effective AI adoption requires a strong understanding of analytics. Organisations must leverage their analytical capabilities to fully benefit from AI.For a career progression into this exciting world, learn more about our WES approved Executive MBA in Business Analytics or Contact Our Admissions Team to get started.